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Spending cuts plan revealed in Japan

The Japanese government is hoping to put spending cuts of ten per cent in place, to tackle the country's huge debts, it has been reported.

According to a report in local business daily the Nikkei, cited by Reuters, the Japanese government plans to cut policy-related expenditure by as much as ten per cent in the budget for next year. The country's national debt is now double that of its annual economic output and prime minister Naoto Kan has made a number of stark warnings about the state of the nation's finances.

There will now be a cap but on policy spending and local government payments of 71 trillion yen, reported the source, which will remain in place in three fiscal budgets from next year.

Following the ruling party's defeat in a key vote, which left it without control in the upper house, credit rating agencies warned Japan that it could be in line for a potential downgrade.

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